Surety
Via our reinsurance partners, we are able to provide reinsurance capacities on a facultative basis for various types of bonds and guarantees to local cedants within the Asian Pacific countries.
The maximum bond tenor is country specific and depends on types of bonds, track record and financial standing of the obligor(s). Generally, maximum bond tenor ranges from 5 to 8 years. The type of bonds and guarantees that we can provide capacities include those described below.
Bid Bonds
Issued as part of the supply bidding process to provide assurance that the winning bidder can undertake a construction or supply contract.
Performance Bonds
Issued to assure satisfactory completion of a construction or supply contract.
Advance Payment Bonds
Issued to assure completion of a construction or supply contract after payments have been made to contractors or suppliers upfront.
Retention/Warranty Bonds
Issued to assure satisfactory performance of a completed construction or supply contract.
Labour and Material Payment Bonds
Issued to assure that suppliers and subcontractors are paid for work and materials supplied during a construction or supply contract.
Customs Bonds
Issued to guarantee the payment of customs duties, excise tax, GST and other types of duties and taxes levied by Customs.
Warranty Bonds
Issued to guarantee that the goods delivered/supplied will perform as per the specifications stated in the contract.
Licensing Bonds
Issued to guarantee that the licensee will not breach the terms of the license.
Rental Bonds
Issued to guarantee that the lessee will fulfill the terms of the lease agreement, particularly the lease or rental payments.
Refund Bonds
Issued to guarantee the refund of monies paid by the Principal if the Contractor or seller fails to deliver orders as per terms of contract or sales and purchase agreement.
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